Western Standard LLC Takes $5.47 Million Position in Nevro Corp. (NYSE:NVRO)

Western Standard LLC purchased a new position in shares of Nevro Corp. (NYSE:NVRO) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 978,981 shares of the medical equipment provider’s stock, valued at approximately $5,473,000. Nevro accounts for about 5.1% of Western Standard LLC’s portfolio, making the stock its 5th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of NVRO. Price T Rowe Associates Inc. MD raised its holdings in Nevro by 18.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,016 shares of the medical equipment provider’s stock valued at $651,000 after acquiring an additional 7,004 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Nevro by 490.7% in the second quarter. Assenagon Asset Management S.A. now owns 728,463 shares of the medical equipment provider’s stock valued at $6,134,000 after purchasing an additional 605,134 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Nevro by 1,788.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after purchasing an additional 6,565 shares during the period. Bank of New York Mellon Corp lifted its position in Nevro by 7.3% during the second quarter. Bank of New York Mellon Corp now owns 127,866 shares of the medical equipment provider’s stock worth $1,077,000 after purchasing an additional 8,673 shares during the period. Finally, Rhumbline Advisers grew its stake in Nevro by 5.0% during the second quarter. Rhumbline Advisers now owns 58,995 shares of the medical equipment provider’s stock worth $497,000 after buying an additional 2,836 shares in the last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.

Nevro Stock Performance

Shares of Nevro stock opened at $4.07 on Friday. The stock has a market cap of $152.50 million, a price-to-earnings ratio of -2.15 and a beta of 0.84. Nevro Corp. has a twelve month low of $3.95 and a twelve month high of $22.64. The company’s fifty day moving average is $4.86 and its 200 day moving average is $6.73. The company has a quick ratio of 3.76, a current ratio of 5.02 and a debt-to-equity ratio of 0.67.

Nevro (NYSE:NVRO) last issued its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.40. The company had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The firm’s revenue was down 7.0% compared to the same quarter last year. During the same period last year, the company earned ($0.65) earnings per share. Sell-side analysts forecast that Nevro Corp. will post -2.43 EPS for the current year.

Wall Street Analyst Weigh In

NVRO has been the topic of a number of recent analyst reports. Piper Sandler decreased their price objective on shares of Nevro from $7.00 to $6.00 and set an “underweight” rating on the stock in a research note on Tuesday, November 12th. Royal Bank of Canada restated a “sector perform” rating and set a $7.00 price objective on shares of Nevro in a research report on Tuesday, November 12th. Wolfe Research raised Nevro from an “underperform” rating to a “peer perform” rating in a research note on Thursday, August 8th. JMP Securities reissued a “market perform” rating on shares of Nevro in a research note on Tuesday, November 12th. Finally, Citigroup dropped their target price on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Three research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.55.

About Nevro

Nevro Corp., a medical device company, engages in the provision of products for patients suffering from chronic pain in the United States and internationally. The company provides HFX spinal cord stimulation (SCS) platform, which includes the Senza SCS implantable pulse generator (IPG) system, an evidence-based neuromodulation system for the treatment of chronic back and leg pain through paresthesia-free 10 kHz therapy, as well as offers Senza II and Senza Omnia SCS IPG systems.